Ecommerce giant Flipkart has overhauled the company board ahead of its plans to go public. The company is seeing high-profile entries and exits.
CEO Kalyan Krishnamurthy and HDFC CEO Keki Mistry will join the company board starting 2021, as per a communication by Krishnamurthy to employees on Thursday.
Walmart’s global CTO Suresh Kumar and the executive vice president for Walmart International have also joined the board.
Walmart International CEO Judith McKenna will continue to lead the board as chairperson.
Among the exits from Flipakrt’s high-profile board are Steuart Walton, of the Walton family, which is Walmart’s founding family. Another senior Walmart executive Dirk Van den Berghe, who was executive vice-president for Walmart Asia, is set to retire and will exit Flipkart’s board.
MakeMyTrip’s Rajesh Magow and independent director Rohit Bhagat have also exited, with the latter set to take over as the head of PhonePe’s newly constituted board.
The rejig comes as Walmart is preparing to list Flipkart for a valuation of nearly $40 billion, as CNBC TV 18 had reported earlier.
Flipkart’s payments arm PhonePe also recently announced a partial spinoff from Flipkart, and said it will constitute its own board and raise funds at a valuation of $5.5 billion.